CALIFORNIA NANOTECHNOLOGIES ANNOUNCES Q1/FY2020 RESULTS
Aug 1, 2019
TSX VENTURE: CNO/CANOF
LOS ANGELES, CALIFORNIA, August 1, 2019 - California Nanotechnologies Corp. ("Cal Nano" or the "Company") would like to announce revenues of US$130,043 for Q1 fiscal 2020, ending May 31, 2019. In comparison, Q1 2018 revenue was US$182,549. EPS were nil in Q1 F2019 and Q1 F2018. Full financial statements are available at sedar.com.
The revenue decline in Q1 fiscal 2020 was associated with the delay of programs from a number of customers including the large aerospace manufacturer and US National Lab. “The completion of these programs has been pushed to Q2/Q3 fiscal 2020 which has resulted in a lower than expected revenue for Q1. As we continue to complete these projects and move onto the next phases, the upcoming quarters are expected to improve” stated CEO Eric Eyerman.
The Company is currently working on a large cryogenic milling program with a US National Lab that involves developing nearly 2 dozen specialty alloy materials for energy applications. The program involves a variety of cryomilling, SPS, custom Electrical Discharge Machining and material testing which will be completed within Q2. Along with this work, the Company has also been involved in using SPS to sinter transparent Spinel materials for potential military applications. Spinel is a special ceramic material that is significantly tougher, stronger and harder than glass.
For further information, please contact:
Eric Eyerman, CEO